Today's Hard|Forum Post
Today's Hard|Forum Post

Friday July 29, 2016

Western Digital Announces Financial Results for Fourth Quarter and Fiscal Year 2016

Western Digital Corp. today reported revenue of $3.5 billion and a net loss of $351 million, or $1.34 per share, for its fourth fiscal quarter ended July 1, 2016. On a non-GAAP basis, fourth quarter net income was $208 million, or $0.79 per share. In the year-ago quarter, the company reported revenue of $3.2 billion and net income of $220 million, or $0.94 per share. Non-GAAP net income in the year-ago quarter was $356 million, or $1.51 per share.

The company generated $355 million in cash from operations during the fourth fiscal quarter of 2016, ending with total cash and cash equivalents of $8.2 billion. On May 4, 2016, the company declared a cash dividend of $0.50 per share of its common stock, which was paid to shareholders on July 15, 2016. For fiscal 2016, the company achieved revenue of $13.0 billion and net income of $257 million, or $1.06 per share, compared to fiscal 2015 revenue of $14.6 billion and net income of $1.5 billion, or $6.18 per share. On a non-GAAP basis, fiscal 2016 net income was $1.2 billion, or $5.09 per share, compared to fiscal 2015 net income of $1.8 billion, or $7.76 per share. The company generated $2.0 billion in cash from operations during the 2016 fiscal year and it returned $524 million in dividends and share repurchases combined.

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